Cascadia International Resources Inc.
TSX VENTURE : CJ

Cascadia International Resources Inc.

November 17, 2006 09:30 ET

Cascadia Appeals Arbitration Decision

CALGARY, ALBERTA--(CCNMatthews - Nov. 17, 2006) -

Not for distribution in the United States of America

Cascadia International Resources Inc. ("Cascadia")(TSX VENTURE:CJ) announces that upon review of the Arbitrator's awards on the proceedings between Cascadia and Novawest Resources Inc. ("Novawest') dated August 15th, and September 30th, 2006, Cascadia has petitioned the Supreme Court of British Columbia for leave to appeal those awards and has served notice to Novawest this week. The appeal is based on Cascadia's contention that the arbitrator erred in law on several of his awards. Cascadia is also seeking a stay of the Arbitrators awards pending the appeal.

The legal costs award from the Arbitrator has not been rendered at this point, but is expected soon. The damage award by the Arbitrator in favour of Novawest was $316,726.45. It should be noted, however, that $18,271 of the damage award is for GST, which is a non-cash cost to Cascadia as that amount will simply be applied for as a GST rebate, resulting in a net damage award of $298,455. Cascadia has also incurred $59,008 for maintaining license fee renewals on the Raglan property throughout 2006 to keep the claims and cells in good standing for which Novawest is responsible for 75%.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

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